PESHAWAR:Sarhad Chamber of Commerce and Industry (SCCI) rejected the historic increase in fuel prices and called it detrimental to the country’s economy, businesses, and industries.
According to a statement issued here on Saturday, Ijaz Khan Afridi, acting president of the SCCI said the unprecedented hike in prices of petroleum products would bring a new storm of inflation that would adversely affect the business community and poor masses.
Urging the interim government to withdraw the gigantic hike in fuel prices in the best interest of the national economy, businesses, and industries, he warned that the chamber along with traders will be forced to launch an agitation movement against it.
“How can the national economy improve when the business community will face an uncertain situation and no remedial or corrective measures were taken place by caretakers,” the SCCI chief questioned.
He asked the interim government to thoroughly review its policies and initiate consultation with chambers and relevant stakeholders to revive the crippling national economy.
Expressing fear that the recent whopping increase in fuel prices would cause further plunging the businesses and industries, because the prices of electricity, gas and petroleum items are frequently increasing, which were used as raw materials in industries, the price hike will cause an increase cost of industrial production and businesses, resultantly the price-hike would also further increase, Afridi remarked.
The SCCI acting chief observed the inflation-hit business community and people earlier protested against inflation bills, now their miseries will further increase after the massive increase in fuel prices. Ijaz Afridi urged civil and military leadership to play a proactive role in putting the national economy on the right track.
Otherwise, he expressed fear that the situation will be further aggravated which won’t be favorable and beneficial for the country’s economy.